The Chancellor has sort of admitted he has got his sums wrong - although naturally he claims it is not his fault.

It never is when it comes to politicians.

Instead it is, supposedly, all down to the price of oil and its growing effect on the world economy. The ghastly Arabs are holding us to ransom again - or are they?

This year Gordon Brown has already manipulated the figures to get out of one humiliation, pulling forward the so-called economic cycle to ensure that he did not break his golden rule on borrowing.

This states he may borrow only to invest over the period.

The cycle is one of those mystical things which only seems to end when the Government says it has.

Hence it is difficult to fail the test.

Now Mr Brown, who delights in proving the pundits "wrong", has had to accept that his growth estimates for this year are not likely to be met. They will be nearer 2.5 per cent than the predicted 3-3.5 per cent.

Hence much wringing of hands over oil from the Prime Minister in waiting. Nothing to do with me, honest, Guv. It's a world problem.

Except that's not how oil cartel Opec sees it.

Opec is pumping oil like never before and is seriously sore that the blame is being laid at its door.

Saudi foreign minister Saud al-Faisal says there is not an oil shortage, there is a refining shortage. He says the US has not built a new refinery in 30 years.

The West has created its own crisis by reducing refinery capacity in the past when it seemed there was too much, only to find there isn't enough now that the economies of China and India are surging.

Except that couldn't possibly be laid at the Government's door, either - expect greedy oil companies and their massive profits to get it in the neck.

But back to the UK economy. Now, to be fair, 2.5 per cent is a lot better than what has been going on in Continental Europe. Yet we are in a potentially dangerous squeeze between weakening growth and rising inflation - now above the Government's two per cent target for the Bank of England.

And the missing one per cent has already been pledged on education, the NHS, transport and all sorts of other areas. Labour is risking having to fudge some of its promises. The choices are to cut spending, raise taxes or borrow more.

None are palatable so Mr Brown, who still insists his spending plans are affordable, and will no doubt resort to sleight of hand.

Another stealth burden on business here - the Centre for Economics and Business Research has warned it could amount to the equivalent of 3p on income tax; an outofthe blue payments windfall there.

Nothing to do with me, honest, Guv.

Any surprise then that a recent National Statistics assessment of the extent of the public's confidence in official statistics made grim reading for the Government.